Vietnam's average export price will decrease compared to last year, but still higher than the 2014 average price.
Vietnam's pepper exports are likely to increase by 13% this year, said Do Ha Nam, President of the Vietnam Pepper Association (VPA). Bloomberg.
According to Mr. Nam, pepper exports will increase to 150,000 tons compared to 133,000 tons in 2015. Domestic pepper production is expected to increase by 10% to 140,000 tons. He also said that pepper production from countries exporting this crop such as India, Indonesia and Malaysia could be reduced due to the impact of El Nino, making the supply to the global market affected.
The average export price of Vietnam will decrease compared to last year but still higher than the average price in 2014, Mr. Nam said. According to statistics, the average export price of pepper in 2015 reached 9,500 USD / ton and in 2014 reached 7,750 USD / ton.
“Vietnamese farmers still have the ability to control a part of pepper price, so the export price this year may not be reduced much,” Mr. Nam said. Bloomberg know in the phone interview. “Pepper growers are still making big profits, so they don't need to speculate to wait for high prices.”
Vietnam is currently the world's No. 1 pepper producer. According to Mr. Nam, the pepper growing area in Vietnam will increase to 100,000 ha this year. Last year, the area planted to pepper increased from 80,000 to 85,000 hectares. The new pepper will take about 3 years to start bearing fruit and can be harvested.
Source Bloomberg / NCDT
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